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On Tuesday, the Greenback fell vs. the EUR, after data showing that Germany’s economy rose by 0.8% in the third quarter on a strong trade and investment figures. Additionally, edged lower as traders remained focused on planned U.S. tax reforms.

On the release front, Investors will turn their attention to upcoming Yellen’s speech at the European Central Bank Conference.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.11% at 94.384 pips.

EUR

Earlier today, the single currency edged higher as German economic growth beats anticipation in the last quarter. Seasonally adjusted gross domestic product (GDP) increased by 0.8% on the quarter, stronger than the consensus forecast. On the economic calendar for Tuesday, traders are awaiting German ZEW survey and Euro-Zone ZEW survey. The EUR was up 0.35% at $1.1708.

GBP

The Sterling pound declined vs. the U.S. dollar amid Brexit jitters and amid worries over Theresa May’s ability to keep on as British prime minister. The GBP fell as much as 0.19%, to settle at $1.3090. On the release front, market players are awaiting the UK consumer price index, which is expected to hit 3.1% from 3.0%.

JPY

Against the JPY, the Greenback rose as much as 0.17%, to settle at $113.81. On the release front, traders are awaiting Japanese GBP, which is expected to decline to 1.5% from 2.5%.

Gold

Gold prices fell with the Greenback supported by higher U.S. Treasury yields and as investors turned their attention to a panel discussion including the heads of the European, U.S., and Japanese central banks for further signs on future monetary policy moves. Gold Futures - Dec 17 (GCZ7) fell by 0.50% at $1,272.50.

Oil

Oil prices edged lower as the possibility of further increases in U.S. output undermined ongoing OPEC-led production cuts aimed at tightening the global oil market. Crude Oil WTI Futures - Dec 17 (CLZ7) fell as much as 0.32% at $56.58 and Brent Oil Futures - Jan 18 was down by 0.36% at $62.93.

DisclaimerThe prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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